te Income Tax alert! Small and medium textiles exporters urge Modi government to introduce this system | Zee Business

Income Tax alert! Small and medium textiles exporters urge Modi government to introduce this system

Amending the e-assessment scheme launched last year, the Central Board of Direct Taxes (CBDT) has notified changes to include change in nomenclature of scheme from ''E-assessment scheme'' to ''Faceless Assessment Scheme''.

Income Tax alert! Small and medium textiles exporters urge Modi government to introduce this system
Exporters are identified as 'risky' on the basis of specific risk indicators based on customs, GST, income tax and DGFT data. pib pic

A small and medium textiles exporters' association has asked the Modi government to introduce 'faceless assessments and faceless appeals' in the indirect tax regime as well so that exporters' interaction with GST officials could be eliminated. The income tax department on Thursday amended its e-assessment scheme to align it with faceless assessment.

Amending the e-assessment scheme launched last year, the Central Board of Direct Taxes (CBDT) has notified changes to include change in nomenclature of scheme from ''E-assessment scheme'' to ''Faceless Assessment Scheme''.

Home Textile Exporters' Welfare Association (HEWA) said Prime Minister Narendra Modi has declared that the faceless assessments and taxpayers' charter would come in force immediately, and faceless appeals would begin from September 25 onward. The aim of this scheme is to eliminate the face-to-face interactions between taxpayers and Income Tax Department officers, it said in a statement.

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"On the same footing HEWA urges the government to introduce the faceless assessments and faceless appeals in indirect tax regime also, so that exporters' interaction with GST officials is eliminated," it said. 

Exporters are identified as 'risky' on the basis of specific risk indicators based on customs, GST, income tax and DGFT data. The identified risky exporters'' information is shared with the CGST formations for physical and financial verification.

Meanwhile, in a letter to the Prime Minister, HEWA has sought help for small and medium textiles exporters impacted by the Covid-19 pandemic by relaxing the GST tax regime. The letter said that exporters are facing liquidity crunch due to delayed overseas payments and large scale migration of labourers and reduction of working hours, shortage of working space due to adherence of social distancing norms.

Written By: Prashant V. Singh
Edited By: Harish Dugh
Updated: Mon, Aug 17, 2020
02:31 pm
ZeeBiz WebDesk
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